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Database to Gauge Economic Impact of Life Science Industry on Indiana

Posted on: Wednesday, 11 August 2004, 06:00 CDT

Aug. 8--The push is on to promote Indiana as a major player in the life sciences industry.

It is one of the only areas of the domestic economy that consistently yields high-paying jobs and profit-producing companies.

So it comes as no surprise that many states and communities are trying to position themselves to attract new health-related and life science companies.

The Bloomington area and several other regions in Indiana have a head start with successful, home-grown life sciences companies thriving and expanding.

In an effort to make Indiana an even more attractive option for life science companies seeking to relocate or expand, the Bloomington Life Sciences Partnership and the Bloomington Economic Development Corp. are teaming up with the Indiana Health Industry Forum to create a statewide roadmap for building the life sciences industry in the state.

In developing the plan, economic development representatives and various life sciences companies will contribute to a foundational report being developed by Deloitte & Touche, under the direction of IHIF.

The report is titled "Critical Mass 2004 -- Building on the Success of Indiana's Life Sciences Industry. Steve Bryant, director of the Bloomington Life Sciences Partnership, said it will provide a window into the trends and opportunities defining the industry in addition to the economic development plans of competing states.

"We need to be able to benchmark ourselves compared to other communities," Bryant said. "The aim to have a consistent set of data and company information, all in one place. This will help put Indiana on the map and allow us to tell our story in a well-defined way."

It is intended that the report will contain a complete assessment of Indiana's life sciences assets on a statewide and regional perspective, including a comprehensive directory of all such companies in the state. In addition, it will unveil the first-ever comprehensive measurement of the impact life sciences makes on Indiana's economy.

Deloitte and IHIF are reaching out to hundreds of organizations throughout Indiana to collect data for Critical Mass 2004.

Wayne Lange, director of the IHIF, said businesses that operate in the pharmaceutical, medical device, agriculture, chemical and healthcare services sector are strongly encouraged to participate in the Critical Mass survey.

Contact IHIF at (317) 278-9970 or access www.ihif.org to complete the Life Sciences Directory and Regional Planning surveys.

"The Life Sciences Partnership and BEDC urge our health and life science members to enroll in the on-line directory and participate in the survey in order to reap the benefits of being part of a statewide network of life sciences firms and to glean appropriate data on the trends of our industry," Bryant said.

Expected for release in December, the roadmap will recommend public policy changes and other actions that will help with business retention, expansion, and attraction in the local life sciences industry.

"The Bloomington Life Sciences Partnership and the BEDC have been working on a strategic plan that leverages our substantial life sciences base," Bryant said. "We have a world-class research university in Indiana University, strong technical college in Ivy Tech State College, quality healthcare delivery institutions and recognized industry partners like Cook Inc., Cook Pharmica, Baxter Pharmaceutical, Boston Scientific and others in our region that are well positioned for continued growth."

Bryant said the partnership with the IHIF is an important driver in positioning the Bloomington area and the rest of the state at the forefront of potential life sciences growth.

"The Life Sciences Partnership and the BEDC are committed to further growing our local economy, and life sciences plays a vital role in that overall picture," said Linda Williamson, president of the BEDC. "Through our already strong partnership with the IHIF, we want to develop a strategic plan for our local economy and continue to be an anchor community in the statewide life sciences efforts."

Bloomington is one of eight regions -- Terre Haute, Bloomington, Elkhart, Evansville, Ft. Wayne, Lafayette/West Lafayette, Richmond, and South Bend -- working with IHIF on life sciences planning. All are participating based on their interest in capitalizing upon their region's life sciences assets and a desire to contribute to a strong life sciences network in Indiana.

"The life sciences industry is one of the fastest growing and most promising areas of the world economy -- and Indiana has a rich history as one of the leaders in the industry," said Lange, the IHIF president. "This statewide partnership will further strengthen Indiana's role in the national life sciences economy. These newly-formed partnerships being created throughout the state will make us a stronger competitive force."

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